US Bank international wire transfer: Fees, rates and transfer time

6 minute read

If you’re traveling or moving abroad, or need to send money overseas, you’ll probably turn to your bank. But each bank handles international wire transfers differently. Make sure you plan ahead so you’re not surprised by fees, wait times, or other details.

Regardless, though, this guide will take you through the international wire transfer process with US Bank.

A quick example before we get started.

A theoretical online bank transfer sending $1000 from the US to a pound sterling bank account in the UK.

ProviderFeeExchange RateTotal Cost
US Bank (USA)$50Exchange rate + markup$50 + exchange rate markup + likely fees from intermediary and recipient banks
TransferWise$8.70The real exchange rate - the same one you find on Google$8.70

It seems clear that US Bank’s fees are higher.

However, if the fees alone aren’t reason enough to consider an alternative, that isn’t taking into account any exchange rate markup — on average a spread of an additional 4-6%. In addition, there are normally 1-3 intermediary and recipient banks who also charge fees.

Those costs start adding up. Fast.

To make sure you really know what you’re getting before you commit, compare the exchange rate you’re being offered with an online currency converter to find out how much your international transfer is really costing you.

(Source 1 Source 2 8 February 2018)

What are the fees for an international wire transfer with US Bank in the US?

Fees will vary depending on what country you’re sending to, your particular type of account, and the terms and conditions of your transfer. Make sure you check on your particular country details before making the transfer.

US Bank International transfer fees table

Fees for international wire transfers at US Bank are:

US Bank international transfersRegular fees
Incoming international transfer$25 per transfer
Outgoing international transfer$50 per transfer
Additional fees may applySee Additional Fees section below

(Source 8 February 2018)

US Bank exchange rates

Sending money around the world isn’t always a direct process. International transfers tend to use the SWIFT transfer system. That means your money might pass through an intermediary bank before arriving at its destination. If more banks get involved, that often means higher expenses. Intermediary banks apply marked up exchange rates sometimes, and might not use the mid-market rate. US Bank doesn’t list daily exchange rates online, but notes

Foreign-denominated funds are subject to foreign currency exchange risk. Customers are not protected against foreign currency exchange rate fluctuations by FDIC insurance, or any other insurance or guaranty program.

(Source 8 February 2018)

For more specific information about your transfer, you can contact US Bank. It’s important to be vigilant of the fees and surcharges that may slip into your transaction along the way.

Additional fees from US Bank

US Bank international transferAdditional fees
Sending/recipient bank and/or intermediary bank(s)US Bank notes on its international wire instructions, “Keep in mind the recipient may receive less due to fees charged by the intermediary bank and recipient’s bank.” If US Bank is using the SWIFT network to send your money, there could be between 0 and 3 intermediary banks involved in the transaction, each of which may charge an average of $20 to $50. The rates they use to convert your currency aren’t always favorable to you. Even if US Bank can’t give you all of the fees an intermediary bank will charge, it’s important to be aware that these charges exist. It might influence your decision.

(Source 13 February 2018)

A cheap and transparent alternative: TransferWise

If you’re looking for alternatives to the international wire transfer process, look into TransferWise. It’s a peer-to-peer online money transfer service that makes sending money across borders a breeze, plus it may be cheaper than using a bank. Many countries also have access to borderless multi-currency accounts, which enable you to manage and exchange money in multiple currencies at once. If you’re on the go, TransferWise is a great option — your money doesn’t cross borders so you save on international sending fees. You also won’t get stuck with surprise intermediary fees.

How do you make an international wire transfer with US Bank?

Through US Bank, you can only make an international wire transfer in person. Visit your local branch and a teller will guide you through the process.

(Source 13 February 2018)

What do I need in order to make an international money transfer?

To make an international wire transfer, step into your local branch with the following information:

  • The reason you’re sending the payment
  • Your name, phone number, address and relationship to the recipient
  • Your US Bank account number
  • Your photo ID number
  • The amount of the transfer and the currency you’d like it to arrive in
  • The destination country
  • The recipient’s name, address and country
  • The recipient’s account number and SWIFT/BIC, IBAN, CLABE or BSB number
  • The recipient’s bank name and address

(Source 13 February 2018)

What do I need or what should I give to the sender in order to receive an international bank transfer?

To receive money at into your US Bank account, you will need the following information:

  • Your full name as it appears on your account
  • Your account number
  • Domestic wires: your routing number. You can find your routing number here
  • International wires: the Swift Code - USBKUS44IMT

(Source 13 February 2018)

How long does an international bank transfer with US Bank take?

How long does it take normally to arrive to the destination account?

While most domestic transfers through US Bank come with a same-day guarantee, no such guarantee is given for international wire transfers. US Bank doesn’t specify how long international wires will take to arrive at their destination, but the average for international wire transfers done via SWIFT is 1-3 business days.

(Source 1 Source 2 13 February 2018)

What are the different payment methods and how long do those take?

The only direct way to transfer money from your account to a foreign account is through international wire transfer, which you initiate in-person. US Bank does not guarantee any transfer times for international wire transfers.

(Source 13 February, 2018)

You can also use e-payments to make a Western Union bank deposit for pickup. Western Union’s online service will act as a conduit to send money from your savings or checking account to an account abroad. The funds can also be picked up by the recipient from a US bank branch abroad. Expect to pay extra fees for this service; US Bank does not determine the fee, but the recipient bank does and it will vary.

(Source 13 February 2018)

Is there any way to make a faster transfer for an extra fee?

US Bank does not offer same-day transfers for international payments, and you are not able to pay an expedite fee to make transfers faster. However, you can use e-payments to make a Western Union money transfer, which is available for next-day pickup in many countries.

(Source 13 February 2018)

Does the amount of time it takes vary by destination?

US Bank doesn’t guarantee any international wire transfer times, but it’s possible for international wire transfers to take longer than the average 1-3 business days to reach some countries.

(Source 8 February 2018)

Contact / Help - More questions around your transfer?

Wire transfers aren’t always straightforward. A lot of the answers you’re looking for are hidden away in websites or not readily apparent. Refer to this guide as your US Bank wire transfer resource, and understand all your options.

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| This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. |

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